All three major U.S. equity averages posted sub-1% gains last week, as post-holiday jitters trimmed strong tech and retailer-based gains ahead of Wall Street’s Christmas break. Investors were also relieved that President Biden signed into law new funding legislation that averted a partial government shutdown. Valuation concerns, rising Treasury yields, and a pullback in consumer confidence were negative catalysts on Thursday and Friday. Trading volumes were notably thinner for the holiday-shortened week.